Terreno Realty Corp. has acquired a modern warehouse in Hialeah Gardens for $56.3 million, adding a fully leased, build-to-suit asset to its industrial portfolio. The 98,000-square-foot facility is leased to Amazon for use as a fulfillment center, according to reporting from the South Florida Business Journal. The property is located at 10910 N. W. 144th and was sold by Clarion Partners and Cadence Development.
The seller team delivered the build-to-suit warehouse in 2022, positioning the project as a recently constructed, mission-critical logistics asset. The development cost for the facility was reported at $22 million, reflecting a significant spread between development cost and sale price. The transaction was completed at a 5% cap rate, indicating investor appetite for stabilized, tenant-specific industrial product leased to a major e-commerce user.
The Hialeah market has been a focus for Terreno Realty over the past year, with the company reporting strong leasing activity across its industrial holdings in the area. Over the last 12 months, Terreno has completed an 88,000-square-foot lease with a logistics company, a 60,617-square-foot lease with a freight forwarding firm, and a 76,000-square-foot lease with a plantain chip company. These recent transactions illustrate ongoing tenant demand for functional warehouse space serving distribution, freight, and food-related uses.
On its website, Terreno Realty describes its strategy as acquiring, owning, and operating industrial real estate across six major coastal U.S. markets. The company notes that it does not engage in greenfield, ground-up development or invest in raw land, underscoring a focus on existing assets and income-producing properties. The Hialeah Gardens acquisition aligns with this stated approach by adding a stabilized, newly built facility with a single credit tenant in place.
Clarion Partners, one of the sellers in the transaction, reports $72.6 billion in assets under management. The sale of the Hialeah Gardens warehouse to Terreno Realty provides an example of institutional capital recycling out of a recently delivered, fully leased industrial property. For Amazon, the facility continues to function as one of its fulfillment centers, supporting its broader logistics and last-mile distribution network in the region.
